Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown strong performance in its financial results, with a revenue of 1.798 billion yuan in 2024, representing a year-on-year growth of 34.41%, and a net profit of 215 million yuan, which is an increase of 108.34% year-on-year [2] - The company is well-positioned to benefit from the growing pet economy, leveraging its comprehensive advantages in channels, customer relationships, product development, and scaled production [5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.798 billion yuan, a 34.41% increase year-on-year, and a net profit of 215 million yuan, up 108.34% year-on-year [2] - The cash flow from operating activities was 223 million yuan, reflecting a 10.13% increase year-on-year [2] - The company plans to distribute a cash dividend of 3.7 yuan per 10 shares, totaling 160 million yuan for the year 2024, with a payout ratio of 74.44% [2] Product and Market Analysis - The company primarily focuses on pet and personal care products, with disposable hygiene products for pets generating 1.690 billion yuan in revenue, a 34.93% increase year-on-year, contributing 94.02% to total revenue [3] - The overseas revenue grew by 35.44% to 1.682 billion yuan, accounting for 93.57% of total revenue, driven by stable growth from existing customers and new customer acquisitions [3] Profitability and Cost Management - The gross margin for 2024 was 19.63%, an increase of 2.61 percentage points year-on-year, while the net margin was 11.97%, up 4.25 percentage points year-on-year [4] - The company has effectively reduced its expense ratio to 4.62%, down 0.89 percentage points year-on-year, with significant reductions in sales and management expenses [4] Future Earnings Forecast - The company is expected to achieve revenues of 2.136 billion yuan, 2.499 billion yuan, and 2.876 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.36 yuan, 1.59 yuan, and 1.86 yuan [7] - The projected PE ratios for 2025, 2026, and 2027 are 12.51, 10.70, and 9.20 respectively, indicating a favorable valuation in the context of the pet products industry growth [7]
依依股份（001206）：业绩表现靓丽，看好海内外宠物经济向上